Racing is in the doldrums, but the New Zealand Racing Board is embarking on a transformation with a strategy that says it plans to be the best wagering organisation in the world, with the highest population rate of participation, by 2015.
Its critics will inevitably call its aims pie in the sky, particularly with the state of the New Zealand racing industry at the moment.
News broke yesterday that Avondale Racing Club had suspended racing at its course from July 4 because of financial problems and that comes on the back of a series of race meeting abandonments because of unsafe tracks and an industry that has had to reduce prizemoney for owners -- not only because of the recession but also through a government clampdown on sponsorship of race meetings by charitable trusts funded by pokie machine money.
But the board, which runs the TAB, says it has developed its 2010-2015 strategic plan called Racing Ahead based on its vision to lead New Zealand racing and its wagering services to become the best in the world.
In a summary, chief executive Andrew Brown admits the vision is audacious.
"I sincerely believe the New Zealand racing industry can be the envy of the world and that Racing Ahead is the way to achieve this ambitious goal."
The strategy sets out five goals to achieve by 2015:-
* A modern retail network offering the very best betting services;
* a world class betting website meaning the TAB will be New Zealanders' preferred wagering provider over offshore competitors;
* a customer base of one fifth of all New Zealand adults;
* greater funding for the three racing codes;
* more owners of quality horses and greyhounds, with ownership to become more accessible and affordable.
"In 2015 racing and wagering will enjoy wide public acceptance," the board says its strategy. "The TAB will have a 10 percent increase in customer satisfaction and 50 percent fewer complaints. On-course attendance will be an entertainment choice for families."
Brown says there will be change to achieve the aims. "We will not maintain a sustainable industry, let alone be the world's best, by doing the same things we have always done."
The board acknowledges it has increasing pressures on it from all directions, including increasing domestic competition from the likes of Lotto and casinos -- the racing and sport wagering share of the gambling market has dropped from around 20 percent to 13 percent over the past 10 years.
There is also increasing competition from offshore operators, with research showing the TAB misses out on $50m of betting a year. Other factors are declining sponsorship for clubs, tax pressures with rises in GST and ACC levies, higher costs of training and staging events, and declining quality in tracks and grandstands.
Initiatives to attract more punters include improving TAB outlets, increasing the product offering -- including new tote options such as exactas and quinella place, and more fixed odds options.
The board also has initiatives to have the highest level of integrity in racing and wagering, and the best quality racing.
The board has presented its strategy to clubs around the country over the past six weeks.
